According to Piotr Walter, CEO of TVN quoted by PAP, after signing acquisition of Mango Media in May, TVN is not planning any more M&A activity this year. Instead the company aims at concentrating on new programming framework for TVN main channel and also improvements for the portfolio of thematic channels for Autumn. Our view: CEO statements are in line with our scenario. We believe the company should take serious actions to counteract recently increasing audience share and ad revenues of its main rival Polsat.